MinRes paid 70% for the lease of Chris Ellison’s property

Mineral Resources founder Chris Ellison and other senior executives charged 70% above market rates for the industrial property they leased to the diversified mining group since 2006, according to an independent assessment they themselves commissioned in 2020.

The valuation, by Knight Frank, casts doubt on the aggressive rent hikes that have seen MinRes pay $31.6 million to lease the Ellison property since the company’s ASX listing. People close to MinRes, who spoke on condition of anonymity, estimated the West Australian group may have overpaid for the property by up to $10 million.

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